Alphabet price target lowered to $116 from $120 at Raymond James

Raymond James analyst Aaron Kessler lowered the firm’s price target on Alphabet to $116 from $120 and keeps an Outperform rating on the shares ahead of the Q4 results on February 2. The analyst expects relative strength in Google Search with easing compares throughout 2023 and continued cloud strength with improving margins in 2023 and 2024. Channel checks suggested decelerating search growth in Q4 as was largely expected, the analyst tells investors in a research note. The firm believes the stock’s valuation is attractive at current levels.